Fundraising Fox

Mindset Health

YC S19

Melbourne, AU · Founded 2018 · 35 employees · 15 known investors

Mindset Health develops digital health programs using hypnotherapy and mind-body medicine to help patients manage gastrointestinal disorders and improve health outcomes. The platform is delivered via mobile app and partnerships with health plans and medical centers globally.

Also known as Mindset · Mindset Health Pty Ltd

Founders & leadership· Y Combinator alumni (S19)

Mindset Health was founded in 2018 by Alex Naoumidis and Chris Naoumidis.

ANAlex Naoumidis
Alex Naoumidisin𝕏Co-founder & Co-CEOAlex Naoumidis is developing AI-based therapeutics for physical health conditions, including gastrointestinal disorders.
CNChris Naoumidis
Chris NaoumidisinCo-founder & Co-CEO

Investors · 15

Also in the syndicate · 7

AlbertsAlex ZaccariaAnthony ZaccariaJohn KimNick HumphreysSandy KoryTattarang's Tenmile

Valuation · disclosed

Disclosed events
$52Mvaluation at Series AMar 2023
filing ↗

Source: SEC prospectus filings, and round valuations the company or its investors disclosed — follow each entry's link for the claim.

Company profile

researched Aug 2026

Mindset Health is a digital therapeutics company headquartered in Melbourne, Australia, with a commercial office in New York. It converts published behavioural and mind-body protocols — clinical hypnotherapy, pain reprocessing and autonomic regulation — into smartphone-delivered programs for chronic conditions where the company argues pharmacology under-performs, including irritable bowel syndrome, menopausal vasomotor symptoms, chronic pain, anxiety and depression.

The product portfolio comprises four programs described as available: Nerva, a six-week gut-brain program for IBS; Evia, a five-week hormone-free program for hot flashes, night sweats and disturbed sleep, built with Dr Gary Elkins of Baylor University's Mind-Body Medicine Research Laboratory; Claria, short daily sessions for anxiety, depression and stress, developed with Dr Michael Yapko; and Relio, a pain reprocessing program for chronic back pain developed with NeuRA. Each program is described as being built with the academic centre that authored the original protocol, tested in randomised trials, and delivered through an adaptive model that assesses symptoms, personalises audio sessions, lessons and exercises, and tracks outcomes over time. At the time of its 2023 Series A the company had three apps, covering medically diagnosed IBS, menopause and smoking cessation, and stated plans to launch programs for anxiety and depression, sleep and chronic pain.

Active research areas listed by the company include extending gut-directed hypnotherapy to other disorders of gut-brain interaction (bloating, distension, upper GI symptoms), comorbidity populations (IBS with endometriosis, interstitial cystitis, IBD), under-studied demographics (pregnancy, paediatrics, underserved cohorts), controlled studies within national health systems including NHS arms, wearable biometrics such as heart rate and sleep as response predictors, and predictive personalisation models.

Founding story

Company materials state that brothers Chris and Alex Naoumidis started Mindset Health because a category of medicine working through the brain rather than the bloodstream remained largely unaddressed while drug pipelines repeatedly failed the same conditions; their stated mission is to help a billion people improve their health with their mind. The company's About page gives the founding year as 2019, while press coverage reports the brothers founded the company in 2018 [6][7].

Business model

Mindset Health develops and distributes condition-specific digital therapeutic programs to consumers through the App Store and Google Play, and also distributes through health-plan partners. The company reports 30M+ covered lives and runs dedicated channels for providers (clinicians and practices) and health plans (payers and employers), including demo requests, indicating a mix of direct-to-consumer app distribution and institutional partnership distribution [0][2][3].

Traction

The company reports more than 350,000 patients helped, 20,000+ referring providers, 30M+ covered lives, 10+ published studies, and distribution to users in 70+ countries. At the March 2023 Series A its largest markets by users were the US (38%), Australia (19%) and the United Kingdom (15%) [0][5][7].

Latest developments

In 2025 the company published two peer-reviewed studies: an active-controlled trial of digitally delivered gut-directed hypnotherapy for IBS in the American Journal of Gastroenterology (Anderson et al., 120(2):440-448) and a retrospective analysis of app-delivered hypnosis for menopausal hot flashes in JMIR Formative Research (Scheffrahn et al., 2025;9:e63948). Its portfolio now lists four available programs, including Claria for mental health and Relio for chronic back pain, and it markets itself as an AI therapeutics company with an active pipeline spanning DGBI expansion, comorbidity and demographic research, health-system validation, biometrics and predictive personalisation [0][2][7].

Full profile — market position, technology, go-to-market, geography, history

Market position

Mindset Health positions itself in digital therapeutics for conditions treated through the brain-body axis rather than molecular targets, differentiating on randomised, active-controlled evidence and journal publication. It reports 10+ published studies, including trials in the American Journal of Gastroenterology, JMIR Formative Research and Neurogastroenterology & Motility, and works with researchers at Monash University, Baylor University, Alfred Health and other academic centres. The company has been covered by The New York Times, The Guardian, NPR and the Australian Financial Review [0][2][7].

The company emphasises programs derived from the originating academic protocol and evaluated against active controls using the same endpoints as drug trials, rather than generic wellness content. Its published outcomes include an AJG 2025 trial (n=244) in which 81% of Nerva participants met the IBS-SSS responder threshold at six weeks versus 63% on active control, and 71% achieved clinically significant abdominal pain reduction versus 35% on active control [0][2].

Technology

Programs deliver audio sessions, lessons and exercises from a phone, built on published clinical protocols for gut-directed hypnotherapy, clinical hypnosis, pain reprocessing and autonomic regulation. The company describes an adaptive model that intakes symptoms, history, goals and signals, personalises each session to user progress, and uses continuous outcome feedback; it frames the approach as AI therapeutics and is exploring wearable heart-rate and sleep signals plus predictive personalisation models to match program type, intensity and timing to individuals [0][2][7].

Go-to-market

Distribution runs through consumer app stores in 70+ countries alongside health-plan partnerships, supported by clinician referral. The company reports 20,000+ referring providers. At the 2023 Series A it described referrals from doctors, dietitians and other providers as largely organic word of mouth and a primary growth channel, and cited retrospective data indicating practitioner-referred users adhere to programs longer; funding was earmarked for broadening channels to market [0][5][7].

Adults with chronic conditions including irritable bowel syndrome, menopausal hot flashes and night sweats, chronic back pain, and anxiety, depression or stress; plus the clinicians and practices who refer them and the health plans, payers and employers that cover them [0][2][3].

Geography

Headquarters at L2, 620 Church Street, Cremorne VIC 3121, Melbourne, Australia, housing engineering, science, design and operations; a US commercial office at 450 Lexington Avenue, New York, covering health plans, providers and partnerships. Programs are distributed to users in more than 70 countries [3][7].

History

Mindset Health was founded in Melbourne by brothers Alex and Chris Naoumidis. By March 2023 it operated three hypnotherapy apps addressing medically diagnosed IBS, menopause and smoking cessation, and raised a US$12 million (A$17.8 million) Series A led by King River Capital at a reported US$52 million valuation, with proceeds directed at new channels to market, new programs for anxiety and depression, sleep and chronic pain, and expanded clinical and real-world research with partners including Baylor University and Monash University. It has since shipped four therapeutic areas — Nerva (IBS), Evia (menopause), Claria (mental health) and Relio (chronic pain) — and opened a New York commercial office focused on US payers, providers and academic medical centres [0][3][5][6][7].

Compiled by commissioned research from 8 cited public sources — announcements, filings, and press listed under research sources below.

Key figures

latest reported
Apps in market at Series AMar 20233 apps
Countries reachedJan 202570
Covered livesJan 202530,000,000 lives
Evia: participants reporting ≥50% reduction in daily hot flashes (n=139, real-woJan 202576%
HeadcountAug 202647
Nerva: participants meeting IBS-SSS responder threshold at 6 weeks (vs 63% activJan 202581%
Nerva: participants with clinically significant abdominal pain reduction at 6 weJan 202571%
Nerva: quality of life increase (AJG cohort)Jan 202528%
Patients helped (cumulative)Jan 2025350,000 patients
Published studiesJan 202510 studies
Referring providersJan 202520,000 providers
Share of users in AustraliaMar 202319%
Share of users in United KingdomMar 202315%
Share of users in United StatesMar 202338%
Shipped therapeutic areasJan 20254 programs
Valuation at Series AMar 2023$52M

Company-reported or press-reported figures, each dated to when it was claimed — not independently audited.

Competitors · 2

by search overlap

Companies competing with Mindset Health for the same Google search keywords, organic and paid, via search-intersection analysis.

Timeline · 5

launches, deals, and filings
Jan 2025
US commercial office opened in New York

Mindset Health lists a New York office at 450 Lexington Avenue covering health plans, providers and partnerships, positioned near US payers and academic medical centres, alongside its Melbourne headquarters.

source ↗

Jan 2025
Active-controlled Nerva trial published in the American Journal of Gastroenterology

Anderson EJ, Peters SL, Gibson PR, Halmos EP, 'Comparison of digitally delivered gut-directed hypnotherapy with an active control for irritable bowel syndrome', The American Journal of Gastroenterology 120(2):440-448 (n=244).

source ↗

Jan 2025
Evia hot-flash outcomes published in JMIR Formative Research

Scheffrahn K, Hall C, Muñiz V, Elkins GR, 'User outcomes for an app-delivered hypnosis intervention for menopausal hot flashes: retrospective analysis', JMIR Formative Research 2025;9:e63948 (n=139).

source ↗

Jan 2025
Four therapeutic programs available: Nerva, Evia, Claria, Relio

Company site lists four available programs: Nerva (IBS, six weeks), Evia (menopause, five weeks, built with Dr Gary Elkins, Baylor University), Claria (anxiety, depression and stress, developed with Dr Michael Yapko) and Relio (chronic back pain pain reprocessing, developed with NeuRA), described as four shipped therapeutic areas.

source ↗

Mar 2023
Mindset Health raises US$12M Series A led by King River Capital

Oversubscribed Series A of US$12 million (A$17.8 million) led by King River Capital, with participation from Tattarang's Tenmile, Yard Ventures, Perennial Partners, Giant Leap, Alberts, Banana Capital and angel investors including Matt Mullenweg, John Kim, Linktree founders Alex and Anthony Zaccaria and Nick Humphreys, and Sandy Kory. Press coverage reported a valuation of US$52 million (A$77 million). Proceeds allocated to broadening channels to market, launching apps for anxiety and depression, sleep and chronic pain, research with Baylor and Monash universities, and hiring.

$12M source ↗

Dated company events from announcements, filings, and press; legal rows summarize public dockets and regulator releases.

In the news

Research sources · 8

primary sources listed

8 public sources were cited for this profile; the first-party ones are listed here.

Frequently asked questions

What does Mindset Health do?
Australian digital therapeutics company building app-delivered brain-body programs for IBS, menopause, chronic pain and anxiety.
Who founded Mindset Health?
Mindset Health was founded by Alex Naoumidis, Chris Naoumidis in 2018.
Who are Mindset Health's investors?
Mindset Health's investors include Alberts Impact Ventures, Fifty Years, King River Capital, Perennial Partners, Tenmile, Y Combinator, Banana Capital, Gelt VC.
Where is Mindset Health headquartered?
Mindset Health is headquartered in Melbourne, AU.